I've been really looking forward to sharing this conversation with @JMihaljevic about the semi industry. He's a great interviewer and I had a lot of fun doing it. https://t.co/eBtVoINuyH
— Jon Bathgate (@jbathgate) May 12, 2021
90 minutes packed with information about the semiconductor sector. @jbathgate & @manualofideas – Thanks for doing it. I felt it was cut too short. Could have been 5-6 hours of talk.
— Rohit Ranjan (@Rohit_Ranjan) May 12, 2021
An eye-opening conversation on the semiconductor industry with @jbathgate.
Jon and his colleagues nailed the industry dynamics before the enormous value creation at companies like $TSM and $NVDA became apparent.
Indebted to @RishiGosalia for the intro.https://t.co/Rv85mvZ4ha
— John Mihaljevic (@JMihaljevic) May 12, 2021
Jon Bathgate on the Key Players and Trends in the Semiconductor Industry
May 12, 2021 in Asia, Audio, Equities, Featured, Gain Industry Insights Podcast, Ideas, Industry Primers, Information Technology, Interviews, Member Podcasts, North America, TranscriptsWe had the pleasure of speaking with Jon Bathgate, an investor at NZS Capital, about the semiconductor industry.
In the wide-ranging conversation, Jon discusses the competitive landscape in semiconductors — major players, business models, value chains, profit pools — as well as the U.S. versus China debate, the Taiwan factor, and much more.
Companies mentioned include ASML Holding (US: ASML), Cadence Design Systems (US: CDNS), Lam Research (US: LRCX), Microchip Technology (US: MCHP), NVIDIA (US: NVDA), Synopsys (US: SNPS), Taiwan Semiconductor Manufacturing (US: TSM), Texas Instruments (US: TXN), and others.
Jon and his colleagues have done extensive work on semiconductors and have been active investors in the sector for quite some time. In 2020, they published a thought-provoking white paper, How a handful of chip companies came to control the fate of the world, and released an accompanying podcast episode.
The full session is available exclusively to members of MOI Global.
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Jon Bathgate is an investor at NZS Capital, LLC. Jon was most recently a research analyst and co-head of the technology sector team at Janus Henderson in Denver. Jon began his investing career at Janus Henderson in 2008, and has a Bachelor of Arts in Mathematics from Boston College. Jon is a CFA® Charterholder.
The NZS Capital team believes that the economy and the stock market are best understood as biological systems: specifically, complex adaptive systems. Complex systems have unpredictable outcomes; therefore, NZS focuses on companies that are adaptable, long-term focused, innovative, possess long-duration growth, and maximize non-zero-sum outcomes. For more, read the NZS whitepaper, Complexity Investing, published in 2014.
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The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.Ep. 40: A Milestone in Corporate Access | Knightian Uncertainty
May 11, 2021 in Audio, Podcast, This Week in Intelligent InvestingIt’s a pleasure to share with you Season 1 Episode 40 of This Week in Intelligent Investing, co-hosted by
- Phil Ordway of Anabatic Investment Partners in Chicago, Illinois;
- Elliot Turner of RGA Investment Advisors in Stamford, Connecticut; and
- John Mihaljevic of MOI Global in Zurich, Switzerland.
Enjoy the conversation!
In this episode, co-hosts Elliot Turner, Phil Ordway, and John Mihaljevic discuss
- Twitter CFO Ned Segal joining Elliot’s recent Twitter Spaces discussion, creating a potential template for other public companies and taking a step toward democratizing corporate access; and
- Knightian uncertainty, and
- Buffett’s table of the top 20 companies by market cap in 1989 vs. 2021.
Follow Up
Would you like to get in touch?
Follow This Week in Intelligent Investing on Twitter.
Engage on Twitter with Elliot, Phil, or John.
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This Week in Intelligent Investing is available on Amazon Podcasts, Apple Podcasts, Google Podcasts, Pandora, Podbean, Spotify, Stitcher, TuneIn, and YouTube.
If you missed any past episodes, you can listen to them here.
About the Podcast Co-Hosts
Philip Ordway is Managing Principal and Portfolio Manager of Anabatic Fund, L.P. Previously, Philip was a partner at Chicago Fundamental Investment Partners (CFIP). At CFIP, which he joined in 2007, Philip was responsible for investments across the capital structure in various industries. Prior to joining CFIP, Philip was an analyst in structured corporate finance with Citigroup Global Markets, Inc. from 2002 to 2005. Philip earned his B.S. in Education & Social Policy and Economics from Northwestern University in 2002 and his M.B.A. from the Kellogg School of Management at Northwestern University in 2007, where he now serves as an Adjunct Professor in the Finance Department.
Elliot Turner is a co-founder and Managing Partner, CIO at RGA Investment Advisors, LLC. RGA Investment Advisors runs a long-term, low turnover, growth at a reasonable price investment strategy seeking out global opportunities. Elliot focuses on discovering and analyzing long-term, high quality investment opportunities and strategic portfolio management. Prior to joining RGA, Elliot managed portfolios at at AustinWeston Asset Management LLC, Chimera Securities and T3 Capital. Elliot holds the Chartered Financial Analyst (CFA) designation as well as a Juris Doctor from Brooklyn Law School.. He also holds a Bachelor of Arts degree from Emory University where he double majored in Political Science and Philosophy.
John Mihaljevic leads MOI Global and serves as managing editor of The Manual of Ideas. He managed a private partnership, Mihaljevic Partners LP, from 2005-2016. John is a winner of the Value Investors Club’s prize for best investment idea. He is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.
The content of this podcast is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this podcast. The podcast participants and their affiliates may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated on this podcast. [dkpdf-remove][/dkpdf-remove]
Marc Rubinstein on Warren Buffett and the Allure of Permanent Capital
May 11, 2021 in Audio, Commentary, Equities, Financials, Gain Industry Insights Podcast, Interviews, Member Podcasts, Net InterestWe had the pleasure of speaking with Marc Rubinstein, author of Net Interest, a financial sector newsletter, about his essay, Other People’s Money.
Marc writes:
In the 1950s and 1960s, Warren Buffett ran a hugely successful investment partnership. Aged just 25, he clawed together $105,000 from six investors and began managing it out of a small study in his rented home, accessible only via the bedroom. His agreement with these early investors was novel: they were guaranteed a return of 4% on their funds; anything above that he would split 50/50 with them, but he would also cover a quarter of any losses out of his own pocket. “My obligation to pay back losses was not limited to my capital. It was unlimited.” 1
Fortunately for Buffett, that loss clause was never triggered – he never had a single down year. In his first few months of operation, he beat the market by 4% and over the next 12 years he would go on to compound at a rate of 31.6% per year before fees. By the end of 1968, he was managing $105 million on behalf of over 300 investors. His reputation had grown and he had become rich.
And then he wound it all up.
Buffett wrote to his investors in May 1969 to explain. He offered four reasons: opportunities for his style of investing were drying up; his fund had grown too large for small cap investments to have a real impact; the market had become more speculative as a result of a swelling demand for returns; and finally, “the only way to slow down is to stop”. More than anything else, Warren Buffett wanted to slow down.
Over the next few months, Buffett liquidated his funds, returning to investors a mix of cash and stock in two illiquid holdings over which he had control – Diversified Retail Company Inc and Berkshire Hathaway Inc. He recommended clients reinvest their proceeds in his friend Bill Ruane’s fund or in tax-free bonds. And that was that.
Read on or listen to our conversation (recorded on May 10, 2021):
This conversation is available as an episode of Gain Industry Insights, a member podcast of MOI Global. (Learn how to access member podcasts.)
About This Audio Series:
MOI Global is delighted to engage in illuminating conversations on the financial sector with Marc Rubinstein, whose Net Interest newsletter we have found to be truly exceptional. Our goal is to bring you Marc’s insights into financial services businesses and trends on a regular basis, with Marc’s weekly essays serving as inspiration for our discussions.
About Marc Rubinstein:
Marc is a fellow MOI Global member, managing partner of Fordington Advisors, and author of Net Interest. He is a former analyst and hedge fund manager, most recently at Lansdowne Partners, with more than 25 years of experience in the financial sector. Marc is based in London.
About Net Interest:
Net Interest, authored by Marc Rubinstein, is a newsletter of insight and analysis from the world of finance. Enjoyed by the most senior executives and smartest investors in the industry, it casts light on this important sector in an easy-to-read style. Each post explores a theme trending in the sector. Between fintech, economics and investment cycles—there’s always something to talk about!
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The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.
Members, Chris Mittleman sheds light on the strategy and outlook for Aimia (TSX: AIM). He also discusses Clear Media (HK: 0100) and AMA Group (AX: AMA).
I like the alignment of interests at Aimia, as it is now the parent of Mittleman Investment Management.https://t.co/tJDUoE9KSd— John Mihaljevic (@JMihaljevic) May 10, 2021
Chris Mittleman on Aimia as a Long-Term Vehicle for Value Investing
May 10, 2021 in Building a Great Investment Firm, Case Studies, Deep Value, Equities, Featured, Ideas, Interviews, Jockey Stocks, North America, Small Cap, Special Situations, The Manual of Ideas, TranscriptsWe had the pleasure of speaking with Chris Mittleman, Chief Investment Officer of Mittleman Investment Management, LLC. Chris directs investment policy, research and portfolio management for the firm. He is also the Chief Investment Officer of Aimia Inc. (TSX: AIM) and serves on the company’s Board of Directors. Aimia is the parent company of Aimia AM Holdings, Inc. which owns Mittleman Investment Management.
In the following interview, John speaks with Chris about the past, present, and future of Aimia; investments in Clear Media (Hong Kong: 0100) and AMA Group (Australia: AMA); the types of opportunities he seeks out for investment or acquisition; how he evaluates management teams; and much more.
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Thank you for your interest. Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:
Chris Mittleman serves as the Chief Investment Officer for Mittleman Investment Management, LLC and directs investment policy, research and portfolio management for the Firm. Chris is also the Chief Investment Officer of Aimia Inc. (TSX: AIM) and serves on the company’s Board of Directors. Aimia Inc. is the parent company of Aimia AM Holdings, Inc. which owns Mittleman Investment Management, LLC. Chris has provided investment strategy and portfolio management for more than thirty years to clients including high net worth individuals, corporate pension plans, foundations and endowments, and other institutional investors. Chris managed private client portfolios for Spencer Clarke, LLC as Senior Vice President of Investments from 2002 until 2005, when he co-founded Mittleman Investment Management, LLC with his brother, Phil Mittleman. Prior to that, Chris was an Investment Executive at UBS (PaineWebber) for twelve years. He began his career in 1990 at Shearson Lehman Hutton, after attending Phillips Exeter Academy, and The Pennsylvania State University.
The content of this website is not an offer to sell or the solicitation of an offer to buy any security. The content is distributed for informational purposes only and should not be construed as investment advice or a recommendation to sell or buy any security or other investment, or undertake any investment strategy. There are no warranties, expressed or implied, as to the accuracy, completeness, or results obtained from any information set forth on this website. BeyondProxy’s officers, directors, employees, and/or contributing authors may have positions in and may, from time to time, make purchases or sales of the securities or other investments discussed or evaluated herein.
Octahedron Capital’s Investment Update on Alibaba
May 9, 2021 in Asia, Audio, Equities, GARP, Ideas, Information Technology, Jockey Stocks, Large Cap, Wide MoatRam Parameswaran of Octahedron Capital provided an investment update on Alibaba on May 7, 2021. We are pleased to share a replay below.
Ram updated participating investors on Octahedron’s
- latest views on China internet platform regulation,
- estimate on the timing of the Ant Financial IPO, and
- views on the business fundamentals on Alibaba.
Alibaba is the largest position for Octahedron investors (as of May 7, 2021).
The full session is available to members of MOI Global.
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Thank you for your interest. Please note that MOI Global is closed to new members at this time. If you would like to join the waiting list, complete the following form:
About the instructor:
Ram Parameswaran is the founder of Octahedron Capital, a global, growth-oriented investment firm that seeks to make concentrated investments in leading public and private companies that drive the world’s internet economy. Prior to Octahedron, Ram was a partner and portfolio manager at Altimeter Capital, a multi-billion dollar investment firm in Menlo Park, where he helped lead the firm’s investments in the internet and payments sectors, across both the hedge fund and private growth funds. Prior to Altimeter, Ram was the technology analyst at Falcon Edge Capital, co-founded the Internet research team at Sanford Bernstein, and started his career as a senior engineer at Qualcomm. Ram has an MBA in finance from the University of Chicago Booth School of Business and a Masters in EE from Virginia Tech.
Thank you, @ScarrottKalani, for the mention in your amazing weekly newsletter — much appreciated!
Folks, be sure to sign up for this one:https://t.co/iZ8p25ScQ1
— John Mihaljevic (@JMihaljevic) May 8, 2021